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Trade Secret Salons to re-brand as PureBeauty
19
Jan '08
Regis Corporation announced that it has entered into an agreement to acquire the PureBeauty and BeautyFirst salon operations. The Company currently holds a 19.9 percent equity interest in PureBeauty and BeautyFirst. The transaction is scheduled to close in February, 2008.

The PureBeauty and BeautyFirst operations consist of 63 company-owned locations and 51 franchise locations operating in 20 states with consolidated annual revenues of approximately $65 million. Including the sales of franchisees, system-wide sales are approximately $110 million.

“This transaction will allow us to significantly accelerate our transformation of Trade Secret from a retailer of professional product to a boutique offering a broad assortment of beauty products,” commented Paul D. Finkelstein, Chairman and Chief Executive Officer of Regis Corporation.

“We will re-brand most of our Trade Secret locations to PureBeauty and most of our Beauty Express locations to BeautyFirst. We will be combining the best of all our brands, bringing together PureBeauty's and BeautyFirst's strength in skin, cosmetics and bath with Trade Secret's existing professional hair care platform and exceptional real estate.

In addition, Steve Hudson, the President and Chief Executive Officer of PureBeauty and BeautyFirst, will become Chairman of this division and will be responsible for the strategic oversight and execution of our transformation plan. Steve and his management team took control of PureBeauty and BeautyFirst 18 months ago.


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